Saudi Arabia is taking the lead in venture capital funding within the Middle East and North Africa (MENA) region for the year 2023, according to the H1 2023 Saudi Arabia Venture Capital Report. The Kingdom has emerged as the most funded country in terms of VC funding during the first half of 2023, witnessing a total VC deployment of $446 million (SR 1.67 billion).

In H1 2023, Saudi Arabia accounted for 42% of the total funding in MENA, showcasing a remarkable increase from 31% in the previous year. Additionally, the Kingdom set a new record for MEGA deal funding, with $289 million (SR 1.08 billion) invested across two deals in the same period.

The E-Commerce/Retail sector in Saudi Arabia attracted the highest funding and recorded the highest number of deals during H1 2023. With 83% of the total funding, the sector secured $368 million (SR 1.38 billion) across 11 deals.

CEO and board member at SVC, Dr. Nabeel Koshak, attributed the Kingdom’s leading position in the VC scene to the governmental initiatives launched to stimulate the VC and startups ecosystem within the Saudi Vision 2030 programs. He also emphasized the role of private sector investors and innovative entrepreneurs in driving this growth.

At SVC, a government investment company and subsidiary of the SME Bank, the commitment to support startups and SMEs remains strong. With plans to invest $1.6 billion in funds and startups, SVC continues to stimulate and sustain financing for the entrepreneurial ecosystem in Saudi Arabia.

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